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re: Protecting a business from divorce
Posted on 12/10/19 at 6:53 am to Obtuse1
Posted on 12/10/19 at 6:53 am to Obtuse1
I despise the fact a man can take all the risk and do all the work then one day a bitch who didn’t do shite can leave you and take all your shite.
It’s one thing if you decide to leave or broke your vows, but the fact that she can do that and take your shite is BS.
They really need to change how divorce court works to a more common sense approach. If the wife didn’t work and all income was yours then you keep everything and only pay an alimony payment for a few years so she isn’t homeless. If she brought in 25% of income she gets 25% of assets or 25% of valuation of assets.
If a business was started on bank loan using your name and credit only she is not entitled to any valuation of that business, only alimony based on what bring home from the business.
It’s one thing if you decide to leave or broke your vows, but the fact that she can do that and take your shite is BS.
They really need to change how divorce court works to a more common sense approach. If the wife didn’t work and all income was yours then you keep everything and only pay an alimony payment for a few years so she isn’t homeless. If she brought in 25% of income she gets 25% of assets or 25% of valuation of assets.
If a business was started on bank loan using your name and credit only she is not entitled to any valuation of that business, only alimony based on what bring home from the business.
4
Posted on 12/10/19 at 6:59 am to SoulGlo
What about a trust?
He doesn’t own the business the trust does. Kind of like what Tom Benson did to pass the Saints to Gayle instead of the kids.
You may be able to pawn off non voting trust shares to her.
He doesn’t own the business the trust does. Kind of like what Tom Benson did to pass the Saints to Gayle instead of the kids.
You may be able to pawn off non voting trust shares to her.
Posted on 12/10/19 at 7:01 am to SoulGlo
Should have open his LLC in New Mexico, where the owner can remain anonymous.
Posted on 12/10/19 at 7:03 am to deltaland
quote:
I despise the fact a man can take all the risk and do all the work then one day a bitch who didn’t do shite can leave you and take all your shite.
Now you know why 70+% of divorces are initiated by the wife
Posted on 12/10/19 at 7:04 am to SoulGlo
quote:
no long term contracts, only relationships
Make her buy it or shut it down then open it back up.
Any tangible assets other than goodwill?
Posted on 12/10/19 at 7:53 am to SoulGlo
Is there a separate thread with the pics of this bitch?
Posted on 12/10/19 at 7:56 am to SoulGlo
Mikelbr has been taken to the woodshed from divorce like 70 times. He may have some insight for you.
Posted on 12/10/19 at 7:57 am to SoulGlo
If you're already married and you start a business, you're fricked in Louisiana.
Posted on 12/10/19 at 8:02 am to deltaland
quote:
despise the fact a man can take all the risk and do all the work then one day a bitch who didn’t do shite can leave you and take all your shite.
It’s one thing if you decide to leave or broke your vows, but the fact that she can do that and take your shite is BS.
What's fricked up is AZ is a no-fault state, and she gets it no matter what. She gave up full custody of their kid. She went nuts and was gang banging on websites (no Mark Cuban notes gif, total butterface and not hot) and bringing dudes home while he was on trips with their son for sports and whatnot. She still gets half... but because of the business it ends up way more than half.
She worked a part time job for a while to stay busy, but other than that he brought in all the dough. And apparently kept busy other ways
Posted on 12/10/19 at 9:12 am to captainahab
quote:
Make her buy it or shut it down then open it back up.
That's what I thought for his situation.
I'm wondering about a new business tho. Would a trust work to make the business stay with the kids and not an ex wife?
Posted on 12/10/19 at 9:20 am to SoulGlo
frick getting divorced
Posted on 12/10/19 at 9:21 am to SoulGlo
If he is the reason why the business is successful, he can just give it to here to run instead of paying the money then open another and compete.
She can sell it for what she can get for it.
She can sell it for what she can get for it.
Posted on 12/10/19 at 9:43 am to lsu777
Yea, there is more to this story. If he is the rainmaker, he can just either shut this business down or give it to her, and start the exact business back over with his same customers.
If it is bringing in income, she would be a fool to make him sell it.
And if he is forced to sell it, then the estimated valuation is not relevant. It's worth what they sell it for.
If it is bringing in income, she would be a fool to make him sell it.
And if he is forced to sell it, then the estimated valuation is not relevant. It's worth what they sell it for.
Posted on 12/10/19 at 10:02 am to SoulGlo
quote:
Somehow his business was valued at $1 million, and his payout was calculated off that. Problem is, there is no way he could sell it for anywhere near that. It could sell for maybe $100k.
So his business is valued at only $100K.
Posted on 12/10/19 at 10:28 am to SoulGlo
quote:
and a business that brought in about 400k last year and 300k this year. Somehow his business was valued at $1 million, and his payout was calculated off that. Problem is, there is no way he could sell it for anywhere near that. It could sell for maybe $100k. The divorce will likely force him to sell his house and business to pay because of the bullshite valuation(no long term contracts, only relationships).
Profit was 300-400K or gross revenue?
You said only relationships. What kind of business is he in? If it's professional services, generally they are valued at 1 to 1.1 times annual gross revenues, adjusted for any assets that can be sold with value.
Did he dispute the valuation?
As far as protection in a divorce, if he's in LA and started it after he married with community funds... there isn't much he can do. He can try to structure the terms of the settlement (pay out over x years, discount for full payment up front, etc).
This isn't an easy thing at all.
Posted on 12/10/19 at 10:31 am to Tarps99
quote:
He doesn’t own the business the trust does. Kind of like what Tom Benson did to pass the Saints to Gayle instead of the kids.
What Benson did was create basically A shares and B Shares.
A shares were voting shares. He kept all of those.
B shares were non-voting and he put those in the trust. Trust gets cash but has no voting rights.
This doesn't really solve the OP's issue here.
Posted on 12/10/19 at 10:44 am to SoulGlo
You gonna tell us what kind of business he owns so we can put an accurate value on it?
Posted on 12/10/19 at 10:55 am to SoulGlo
quote:
Somehow his business was valued at $1 million, and his payout was calculated off that. Problem is, there is no way he could sell it for anywhere near that. It could sell for maybe $100k
Posted on 12/10/19 at 11:26 am to SoulGlo
If you own a business prior to marriage YOU 1000% have to get your future spouse to sign that pre-nup. Period. She balks = end the relationship because it's a precedent for disaster down the line.
If you start up a business during the marriage you 1000% have to set up ownership & "disaster" documentation in the event the marriage dissolves.
Hope as a tactic is the worst thing you can do. It isn't love, it's business.
If you start up a business during the marriage you 1000% have to set up ownership & "disaster" documentation in the event the marriage dissolves.
Hope as a tactic is the worst thing you can do. It isn't love, it's business.
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